Buy to let question

Let_Us_See

rms1 wrote: »

Hmm, The problem is, we wouldn't want anything to impact on his ability to borrow for himself should he need to.

Unfortunately, you are in this difficult position as you cannot re-pay £160,000 in 18 months time and there is no ideal solution.

Having re-read your initial post I cannot understand how you expect to "sell" to your son and yet still retain collateral (equity?) in the property.

rms1

Let_Us_See wrote: »

Unfortunately, you are in this difficult position as you cannot re-pay £160,000 in 18 months time and there is no ideal solution.

Having re-read your initial post I cannot understand how you expect to "sell" to your son and yet still retain collateral (equity?) in the property.

I did say that on paper we wouldn't retain the collateral but if we decided to sell, it is a given that our son would hand anything over and above the outstanding debt back to us.

rms1

amnblog wrote: »

If he has room to raise the funds against his current properties the situation is sorted.

That would impact on him should he want to borrow in the future for himself.

rms1

Would the BTL lender know who was renting the property from the borrower?

amnblog

Given the name of the vendors it would not take a genius to work it out.

rms1

So do the lenders ask to be informed of who the borrower is renting the property to.

amnblog

The Lender will twig what is going on.


Letting you live in the property without the Lender's permission is mortgage fraud.